What Do the Latest Stats Tell Us About Our 2018 Market?

According to the latest statistics, it’s a seller’s market in
LA County as we begin 2018, but there is good news for buyers as
well.





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As we head through January 2018, the latest statistics tell us
we’re in a seller’s market.





There were 818 homes sold in December 2017, which was a decrease
of 18% compared to both November 2017 and December 2016. The
total number of homes closed in December 2017 was 701 units,
which was down 4.5% compared to November 2017 and 8.2% compared
to December 2016.





There were 530 homes placed under contract in December 2017,
which was a staggering drop of 23.7% compared to November 2017
but an increase of 4.5% compared to December 2016.


Most of these statistics were taken from South LA County and,
specifically, the South Bay. These numbers lead me to believe
that we’ll continue to have a shortage of inventory and have a
very active market as long as interest rates cooperate.


In December 2017, the average price per square foot continued to
appreciate and settled at $549. The average days on market in
December 2017 was 35 days, which was a 2.8% drop compared to
November 2017 and a 23.9% drop compared to last year.





The average list price for homes in December 2017 was $1,755,000,
but the average sold price was $929,000. That average sold price
dropped 1.1% compared to November 2017 but increased 8.3%
compared to December 2016.





Lastly, our average inventory for December 2017 was 1.2 months,
which was a 14.6% drop compared to November 2017 and a 7.7% drop
compared to December 2016.



2018 will be a fantastic year for buyers and sellers.



According to a five-year study comparing the homes for sale
versus the homes that have sold and those that are pending, we
started and ended each year between 2012 and 2017 with a low
level of inventory. In December of those years, we had between
600 and 800 homes listed for sale. As those years progressed, we
usually saw a 20% to 25% increase in inventory.





All in all, 2018 will be a fantastic year whether you’re a
buyer or a seller. Prices will continue to remain strong for
sellers, and buyers can still take advantage of interest rates
near the 4% mark.





If you have any more questions about our current market or you’re
thinking of buying or selling a home soon, don’t hesitate to call
or email me. I’d love to help you.